Afleveringen
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If you ever have the slightest intention to sell your business, understanding its value is crucial. Strategic pre-planning for the sale can enhance your value builder score so you sell at a premium multiple of earnings.
In today's discussion, Danielle delves into one of the eight key drivers to improve profitability: monopoly control. Following that, she will explain ten distinct strategies to attain monopoly control.
Whether you are contemplating an exit from your business now or eons from now, this episode is a must for every entrepreneur
IN THIS EPISODE:
[01:21] What is the value of my business, how do I raise profitability, and what is monopoly control [06:24] Danielle shares ten ideas and strategies that will raise your profitability; however, be advised that you wonât serve everyone when you are a monopoly of one [10:25] Rule One: Does your technology set you apart [14:27] Rule Two: Customization and personalization [16:07] Rule Three: Providing exceptional customer service [17:16] Rule Four: Package what you offer so that it cannot be price-shopped [20:18] Rule Five: Develop brand identity [21:46] Rule Six: Create a user experience [23:02] Rule Seven: Connecting with other partnerships and collaborations [25:02] Rule Eight: Position your business as the industry authority [27:56] Rule Nine: Use innovative marketing and selling strategies [29:03] Rule Ten: Trial periods and guarantees
KEY TAKEAWAYS:
Always be conscious of driving the value of your business, especially when considering exiting the business. âMonopoly Control Strategiesâ such as education and knowledge sharing, innovative marketing and selling, and "done for you" services can significantly impact the valuation of a business. Achieving âMonopoly Controlâ is crucial for maximizing the price and margin in your business. Strategies such as branding, storytelling, and offering trial periods and guarantees can help businesses stand out in the market and dictate pricing. Connecting with customers through storytelling, sharing educational content, and offering personalized services. Building a strong brand identity and aligning with customer values can differentiate a business in the market.Pre-Order ALL IN: How Great Leaders Build Unstoppable Teams https://www.amazon.com/All-Great-Leaders-Build-Unstoppable/dp/0593544501/ref=sr_1_1?keywords=all+in+mike+michalowicz&qid=1700164489&sr=8-1
ABOUT THE HOSTS:
Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to âHOW TO IMPLEMENTâ workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.
Additionally, Danielle authored the book The Rapid Read⢠Guide to The 5-Star Employee Rating System⢠and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.
Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.
RESOURCES:
Danielle Mulvey - Website
Danielle Mulvey - Linkedin
The All In Company - Website
Profit First Nation - Website
Mike Michalowicz - Website
Mike Michalowicz - Linkedin
Mike Michalowicz - Twitter
Profit First Professionals - Website
Mike Michalowicz - Books
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In this episode of Profit First Nation, Danielle discusses the importance of relishing your ownership and maintaining a balance between personal and business finances.
She emphasizes the need to take ownership of key areas in your business to ensure long-term success.
These key areas include owning your day, owning your numbers, owning Profit First, owning leadership, and owning your role in the community.
IN THIS EPISODE:
[00:20] Danielle introduces the topic of "Relish Your Ownership" and the importance of enjoying business ownership while maintaining financial responsibility. [00:46] Personal Piggy Bank: Danielle warns against treating your business like a personal piggy bank, emphasizing the need for financial responsibility. [01:12] Five Key Areas of Ownership: Danielle outlines the five key areas of ownership: owning your day, owning your numbers, owning Profit First, owning leadership, and owning your role in the community. [03:07] Own Your Day: Danielle discusses the importance of starting your day with intention, following the Miracle Morning routine, and prioritizing tasks. [05:48] Own Your Numbers: Danielle stresses the significance of owning your sales numbers, forecasting, pipeline, accounts receivable, and accounts payable. [10:53] Own Your Financials: Danielle emphasizes the importance of reviewing income statements, balance sheets, and financial reports regularly. [12:21] Taxes and Payroll: Danielle highlights the need to own your business taxes and payroll, and the responsibility of the business owner to ensure accuracy. [18:15] Pricing: Danielle discusses the importance of owning your pricing strategy, regularly increasing prices, and focusing on profitability. [19:42] Profit First: Danielle advises business owners to own their Profit First allocation percentages and to take an active role in the allocation process. [22:17] Be a Leader: Danielle explains the role of business owners in leading clients, vendors, and employees with positivity and encouragement. [24:31] Community Involvement: Danielle suggests being cautious about community involvement when it might interfere with running your business effectively.KEY TAKEAWAYS:
Start each day with intention by following a morning routine that includes silence, affirmations, visualization, exercise, reading, and journaling. This sets the tone for a productive day and helps you prioritize important tasks. Own your sales numbers, forecasting, pipeline, accounts receivable, accounts payable, taxes, and payroll. Regularly review financial reports and ensure accuracy, as the business owner is ultimately responsible for these aspects. While it's essential to be a leader in your business, be cautious about overcommitting to community involvement, as it can consume valuable time and resources. Focus on activities that provide a significant return on investment for your business.ABOUT THE HOSTS:
Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to âHOW TO IMPLEMENTâ workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.
Additionally, Danielle authored the book The Rapid Read⢠Guide to The 5-Star Employee Rating System⢠and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.
Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.
RESOURCES:
Danielle Mulvey - Website https://www.daniellemulvey.com/
Danielle Mulvey - Linkedin http://linkedin.com/in/danielle-mulvey-66a315
The All In Company - Website http://theallincompany.com
Profit First Nation - Website http://profitfirstnation.com
Mike Michalowicz - Website http://mikemichalowicz.com
Mike Michalowicz - Linkedin http://linkedin.com/in/mikemichalowicz
Mike Michalowicz - Twitter http://mikemichalowicz
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Episodes ending in 0 are Q & A sessions designed to help entrepreneurs operating their businesses in the zone of permanent profitability continue to thrive.
Danielle is excited to host a quiz edition to test your Profit First IQ.
There are no scores today, but the correct answers to these questions determine your prowess to do Profit First right to make your business permanently profitable. Donât miss it!
IN THIS EPISODE:
[00:57] Danielle has ten quiz questions today. Question one is: What is real revenue
[3:07] Do owners who take a salary need a business compensation account
[4:25] How do you pay as little as possible in taxes
[7:57] Which account should you pay your taxes from
[10:45] What do you do with money in your existing bank account when you open a business
[12:15] Do we address debt by paying off the loans with the highest interest rate or use the snowball effect
[14:31] Can the ownerâs compensation and tax account be combined into one account
[16:53] How do you calculate target allocation percentages
[21:45] Do business owners need separate profit and ownerâs compensation accounts
[23:29] At what point in time should I start Profit First for my business
KEY TAKEAWAYS:
Real revenue in Profit First is determined by subtracting materials and subcontractor costs from total revenue. Allocations and financial decisions are based on this real revenue number.
Even if business owners take compensation as draws or distributions, Profit First recommends maintaining separate accounts for owner's compensation (acts like regular payroll) and profit (acts like a bonus). This separation ensures clarity and prevents the business from becoming a personal piggy bank.
Profit First can be implemented in businesses at any stage, even if they are not yet profitable. Starting early helps establish good financial habits, and the system can be adjusted as the business grows and becomes more profitable over time.
Pre-Order ALL IN: How Great Leaders Build Unstoppable Teams https://www.amazon.com/All-Great-Leaders-Build-Unstoppable/dp/0593544501/ref=sr_1_1?keywords=all+in+mike+michalowicz&qid=1700164489&sr=8-1
ABOUT THE HOSTS:
Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to âHOW TO IMPLEMENTâ workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.
Additionally, Danielle authored the book The Rapid Read⢠Guide to The 5-Star Employee Rating System⢠and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.
Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.
RESOURCES:
Danielle Mulvey - Website
Danielle Mulvey - Linkedin
The All In Company - Website
Profit First Nation - Website
Mike Michalowicz - Website
Mike Michalowicz - Linkedin
Mike Michalowicz - Twitter
Profit First Professionals - Website
Mike Michalowicz - Books
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In this ALL IN edition of Profit First Nation, Danielle welcomes Kelly Sullivan Ruta, a clinical psychotherapist turned coach, focused on building an unstoppable team by cultivating emotional agility.
Kelly shares insights into the concept of the Ultimate Inner Operating System, emphasizing the importance of skills like emotional agility and emotional intelligence in scaling a business via power skills.
If you want to learn how to enhance your own emotional intelligence and empower your teams for success, this episode is for you.
TIMESTAMPS:
[00:19] Introduction to the episode and guest, Kelly Sullivan Ruda. [03:31] Discussion on the importance of emotional agility when scaling a business and building a strong team. [04:50] Highlighting the impact of emotional agility on talent retention, stress reduction, and avoiding burnout. [06:47] Example of a company overcoming challenges through the development of emotional agility. [09:19] The significance of incorporating learning and development into an organization for employee satisfaction and business success. [14:13] Reframing soft skills as power skills and their measurable impact on business outcomes. [16:50] Distinguishing between emotional agility and emotional intelligence. [19:06] Connecting emotional intelligence to effective communication, problem-solving, and creating a positive workplace culture. [22:27] Emphasizing the importance of aligning team values and the positive outcomes it produces.Key Takeaways:
Developing emotional agility is a powerful tool for leaders and teams to navigate challenges, maintain resilience, and create a positive work environment. Reframe the terminology from "soft skills" to "power skills" to acknowledge the measurable impact these skills have on business outcomes, team performance, and overall success. Emotional intelligence is essential for leaders to connect on a deeper level with their teams, fostering a positive workplace culture, reducing turnover, and increasing employee satisfaction.Kelly Sullivan Ruta is a clinical psychotherapist of two decades who made a leap into the coaching world to help entrepreneurs create an ultimate inner operating system for scaling without breakdown.
Kelly believes entrepreneurs are perfectly positioned to create a massive positive impact on the planet. But she also knows that no strategy, plan, or tactic will ever outperform oneâs mindset, limiting beliefs, conditioned programs, or habits. She is obsessed with helping entrepreneurs do deep inner work while they scale and grow.
Resources:
https://www.linkedin.com/in/kellyruta/
https://www.facebook.com/KellyRutaMentor
https://www.instagram.com/kellysruta/
https://kellyruta.com/
https://kellyruta.com/op/psw-audio-series/
Pre-Order ALL IN: How Great Leaders Build Unstoppable Teams https://www.amazon.com/All-Great-Leaders-Build-Unstoppable/dp/0593544501/ref=sr_1_1?keywords=all+in+mike+michalowicz&qid=1700164489&sr=8-1
ABOUT THE HOST:
Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to âHOW TO IMPLEMENTâ workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $50 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.
Additionally, Danielle authored the book The Rapid Read⢠Guide to The 5-Star Employee Rating System⢠and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.
Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.
RESOURCES:
Danielle Mulvey - Website https://www.daniellemulvey.com/
Danielle Mulvey - Linkedin http://linkedin.com/in/danielle-mulvey-66a315
The All In Company - Website http://theallincompany.com
Profit First Nation - Website http://profitfirstnation.com
Mike Michalowicz - Website http://mikemichalowicz.com
Mike Michalowicz - Linkedin http://linkedin.com/in/mikemichalowicz
Mike Michalowicz - Twitter http://mikemichalowicz
Profit First Professionals - Website http://profitfirstprofessionals.com
Mike Michalowicz - Books http://mikemichalowicz.com/books/
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In this episode, Danielle is joined by Mike Michalowicz, the author of Profit First, as they tackle questions from Mike's email inbox regarding doing your Instant Assessment.
In addition to highlighting the importance of adhering to established profit percentages as a business grows, they provide additional guidance to another business owner to use the Profit First Target Allocation Percentages Chart for financial clarity, and help yet another entrepreneur on how to simplify income and expense categorization.
BONUS: Danielle provides additional valuable insights, emphasizing the significance of sales and providing practical pricing strategies for service-based businesses.
IN THIS EPISODE:
[00:36] Introduction to Episode - Q&A about instant assessments [00:47] Question 1 - Real revenue calculation for a fitness equipment distributor [04:10] Question 2 - Owner's comp and adjusting allocation percentages as the business grows [07:40]Question 3 - Challenges in understanding real revenue for a telehealth business [15:36] Question 4 - Calculating materials and subs for a plumbing business [21:27] Question 5 - Allocating expenses for an Airbnb management businessKEY TAKEAWAYS:
For businesses with significant material costs, especially those exceeding 10% of gross revenue, it's crucial to make a real revenue adjustment. Subtracting these costs gives a more accurate picture of the service-based real revenue generated. As a business grows or experiences changes, adhere to the Target Allocation Percentages Chart, but be open to dynamic adjustments. Working with a Profit First professional helps in recalibrating allocations based on the current business status. Keep expense categorization simple. Break down costs transparently for customers when necessary, allowing for better communication and potentially higher acceptance of fees. If managing multiple entities, maintain clarity by treating each business separately.ABOUT THE HOSTS:
Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to âHOW TO IMPLEMENTâ workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.
Additionally, Danielle authored the book The Rapid Read⢠Guide to The 5-Star Employee Hiring System⢠and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.
Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.
RESOURCES:
Danielle Mulvey - Website
Danielle Mulvey - Linkedin
The All In Company - Website
Profit First Nation - Website
Mike Michalowicz - Website
Mike Michalowicz - Linkedin
Mike Michalowicz - Twitter
Profit First Professionals - Website
Mike Michalowicz - Books
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In this episode of Profit First Nation, Danielle discusses the importance of the "Switzerland Structure" in your business.
The Switzerland Structure is about avoiding over-dependence on a single customer, employee, or vendor to ensure the long-term success and profitability of your business.
Danielle emphasizes the need for diversification, customer value analysis, employee cross-training, and vendor audits.
IN THIS EPISODE:
[00:27] Introduction to the podcast and the topic of the "Switzerland Structure." [02:38] Explanation of why it's crucial not to be overly dependent on one customer, employee, or vendor. [08:14] The Pareto Principle applied to customer diversification. [12:04] Avoiding over-dependence on a single employee by cross-training and ensuring no one is a linchpin. [17:57] Conducting a vendor audit to prevent over-reliance on one supplier and keeping incentives in check. [21:54] Encouragement to submit questions and information on how to connect with certified Profit First professionals.KEY TAKEAWAYS:
Don't rely too heavily on one customer. Diversify your customer base to ensure steady income and reduce risk. Prevent over-dependence on a single employee by cross-training your team, ensuring others can cover their responsibilities. Regularly review your vendor relationships and consider incentives carefully to maintain a healthy balance between quality and cost.ABOUT THE HOSTS:
Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to âHOW TO IMPLEMENTâ workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.
Additionally, Danielle authored the book The Rapid Read⢠Guide to The 5-Star Employee Rating System⢠and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.
Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.
RESOURCES:
Danielle Mulvey - Website https://www.daniellemulvey.com/
Danielle Mulvey - Linkedin http://linkedin.com/in/danielle-mulvey-66a315
The All In Company - Website http://theallincompany.com
Profit First Nation - Website http://profitfirstnation.com
Mike Michalowicz - Website http://mikemichalowicz.com
Mike Michalowicz - Linkedin http://linkedin.com/in/mikemichalowicz
Mike Michalowicz - Twitter http://mikemichalowicz
Profit First Professionals - Website http://profitfirstprofessionals.com
Mike Michalowicz - Books http://mikemichalowicz.com/books/
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In this episode of Profit First Nation, host Danielle Mulvey reveals her seven key principles that she consistently applies to her business operations. She shares personal anecdotes and practical examples to illustrate her modus operandi.
Danielle underscores the value of these principles in her own journey as an entrepreneur and how they have contributed to her success, providing valuable insights for entrepreneurs seeking sustained profitability.
IN THIS EPISODE:
[00:53] Introduction to Danielle's six modus operandi.
[01:31] Modus Operandi 1: All of us are smarter than one of us.
[03:19] Modus Operandi 2: Why don't airplanes fall out of the sky?
[09:13] Modus Operandi 3: One teaspoon at a time.
[11:10] Modus Operandi 4: 50 times - Who says it the most wins?
[16:41] Modus Operandi 5: Care and feed your employees like they are your children.
[19:24] Modus Operandi 6: Freedom and flexibility for all.
[23:37] Modus Operandi 7: "Seize the day and your daily huddle.
KEY TAKEAWAYS:
"All of us are smarter than one of us." Danielle emphasizes the importance of collaboration and surrounding yourself with smart people both within your team and in your network. Working together and seeking diverse perspectives can lead to better outcomes in business.
Danielle highlights the significance of using checklists in your business operations. Drawing inspiration from the aviation industry, where pilots follow checklists to ensure safety and consistency, she encourages business owners to adopt checklists to enhance efficiency, consistency, and reduce errors.
Treat your employees with the same level of care and support as you would your own children. By providing a sense of safety and appreciation, your employees can thrive, which in turn leads to a better work environment and greater success.
ABOUT THE HOSTS:
Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to âHOW TO IMPLEMENTâ workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.
Additionally, Danielle authored the book The Rapid Read⢠Guide to The 5-Star Employee Rating System⢠and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.
Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.
RESOURCES:
Danielle Mulvey - Website
Danielle Mulvey - Linkedin
The All In Company - Website
Profit First Nation - Website
Mike Michalowicz - Website
Mike Michalowicz - Linkedin
Mike Michalowicz - Twitter
Profit First Professionals - Website
Mike Michalowicz - Books
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We welcome back the ever-popular Billie Anne Grigg, Profit First Professionalâs Chief Profit Guide. Together, Danielle and Billie Anne dive into the intriguing world of "above the line" expenses within the Profit First framework.
The episode covers above-the-line expenses, such as materials, subcontractor costs, pass-through expenses, franchise fees, and more.
They also emphasize the importance of understanding your financial numbers and owning allocation day to achieve permanent profitability.
IN THIS EPISODE:
[00:55] - Explanation of "above the line" expenses and real revenue. [01:47] - Common mistakes made with above-the-line expenses. [03:27] - Handling W-2 employees and commissions. [06:16] - The importance of pass-through expenses. [06:56] - Managing franchise fees. [07:50] - The role of a deposit account in organizing expenses. [09:00] - Simplifying allocation day using a spreadsheet. [12:19] - The freedom and clarity Profit First brings to managing finances. [14:02] - Success stories of large businesses implementing Profit First.KEY TAKEAWAYS:
Above-the-line expenses should be items directly tied to revenue, such as materials, subcontractor costs, pass-through expenses, and franchise fees. These should be deducted from total revenue before determining real revenue. Profit First simplifies financial management by reducing the need for complex budgets and allowing you to focus on one key number â the total amount available for allocation. Profit First is not just for small businesses; it's essential for large businesses, especially due to the complexities involved in managing cash flow and expenses. The principles of Profit First can benefit businesses of all sizes.GUEST BIOGRAPHY: Billie Anne Grigg
Billie Anne has been a bookkeeper since before the turn of the century. She is a QuickBooks Online ProAdvisor, LivePlan Expert Advisor, FreshBooks Certified Partner and a Mastery Level Certified Profit First Professional. She is also a guide for the Profit First Professionals organization. In 2012, she started Pocket Protector Bookkeeping, a virtual bookkeeping and managerial accounting service for small businesses.
Billie Anne Grigg - Linkedin
Pocket Protector Bookkeeping - Website
ABOUT THE HOSTS:
Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to âHOW TO IMPLEMENTâ workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.
Additionally, Danielle authored the book The Rapid Read⢠Guide to The 5-Star Employee Rating System⢠and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.
Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.
RESOURCES:
Danielle Mulvey - Website
Danielle Mulvey - Linkedin
The All In Company - Website
Profit First Nation - Website
Mike Michalowicz - Website
Mike Michalowicz - Linkedin
Mike Michalowicz - Twitter
Profit First Professionals - Website
Mike Michalowicz - Books
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How often have you hired someone only to discover they were a âMis-Hire.â
Todayâs episode of Profit First Nation is about hiring mistakes that could have been avoided. Danielle gives examples of failed hirings and the points the interviewer overlooked on the candidateâs resume or in the interview.
Donât miss these red flags when you conduct your next job interview. They will save you time and money.
IN THIS EPISODE:
[00:20] Danielle explains how to go âall-inâ on building a stable of five-star employees [03:30] Danielle offers a resource form on their website profitfirstnation.com/144 to be completed to analyze mis-hires from the past [07:02] Example of an individual who had multiple jobs and had to drive 40 miles to work [14:27] Example of an employee who only wanted to work remotely [18:23] Example of an employee let go because of poor work and the potential that a supervisor may be chasing away employees [23:27] An Example of an employee who leaves a prominent company for a company that is not well-known and making sure the employee is qualified to do the job [28:32] In some industries, the skills need to be current with current apps and programs
KEY TAKEAWAYS:
Payroll is most likely your business' biggest expenses if you have seven or more employees. Most businesses have a 75% mis-hire rate versus only a 10% rate if you use the ALL IN Hiring System. A study of your mis-hires will prevent you from making the same mistakes.ABOUT THE HOSTS:
Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to âHOW TO IMPLEMENTâ workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.
Additionally, Danielle authored the book The Rapid Read⢠Guide to The 5-Star Employee Rating System⢠and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.
Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.
RESOURCES:
Danielle Mulvey - Website
Danielle Mulvey - Linkedin
The All In Company - Website
Profit First Nation - Website
Mike Michalowicz - Website
Mike Michalowicz - Linkedin
Mike Michalowicz - Twitter
Profit First Professionals - Website
Mike Michalowicz - Books
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Join Danielle in this episode as she unlocks the secrets of pricing for business success!
From pricing's impact to the pitfalls of arbitrary pricing, this episode is your golden ticket to wealth-building, with the five principles for pricing triumph.
Ensure you seize the opportunity to connect with Profit First Nation for continuous support, as your business success is the ultimate gem on this journey!
TIMESTAMPS:
[05:26] Discussion on the impact of pricing on business success and profitability. [12:10] The role of pricing in customer acquisition, experience, and retention. [15:00] Importance of building wealth through profitability and business resilience. [20:02] Warning against arbitrary pricing, starting at the bottom, and real-life examples of failures. [25:20] Five principles for effective pricing, ROI justification, and recap of optimization steps. [28:16] Closing thoughts on getting pricing right for long-term business success. [29:00] Invitation to connect with Profit First Nation for support and questions.KEY TAKEAWAYS:
Pricing controls everything in the marketplace, affecting profit, power, customer acquisition, customer experience, customer retention, and overall business wealth. Businesses should avoid the pitfalls of low pricing strategies, which can lead to extinction in the market. Pricing strategy should align with business goals and customer value rather than aiming to be the lowest price leader. The five principles for effective pricing include understanding true costs, eliminating unprofitable offerings, pricing at a premium, packaging minimally viable products, and demonstrating ROI. Demonstrating ROI is a crucial step to justifying premium pricing, showcasing the value customers receive in exchange for their investment. Real-life examples illustrate the impact of pricing on business success and failure. Connecting with Profit First Nation provides a resource for entrepreneurs to optimize their pricing strategies and achieve permanent profitability.ABOUT THE HOSTS:
Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to âHOW TO IMPLEMENTâ workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.
Additionally, Danielle authored the book The Rapid Read⢠Guide to The 5-Star Employee Rating System⢠and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.
Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.
RESOURCES:
Danielle Mulvey - Website
Danielle Mulvey - Linkedin
The All In Company - Website
Profit First Nation - Website
Mike Michalowicz - Website
Mike Michalowicz - Linkedin
Mike Michalowicz - Twitter
Profit First Professionals - Website
Mike Michalowicz - Books
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How can you significantly increase your businessâ value? In the latest Profit First Nation episode, Danielle shines a spotlight on the pivotal strategy of steering clear of the central hub role.
Exploring the adverse effects on business valuation when entrepreneurs find themselves at the epicenter for their employees, customers, and suppliers.
Danielle encourages entrepreneurs to proactively declare a future four-week vacation, setting the wheels in motion to diminish dependency on their presence.
It's a journey toward permanent profitability and max valuation by breaking free from the hub and spoke model.
IN THIS EPISODE:
[01:00] : Discussion on business valuation and the average multiples. [02:48]: Exploring the concept of "hub and spoke" and the negative impact of being the central hub. [10:00]: Strategies for removing oneself from being the hub, focusing on employees. [13:16]: Tips on documenting standard operating procedures (SOPs) and delegation. [14:09]: Impact of owner involvement in customer relationships on business valuation. [15:30]: Valuation statistics based on knowing customers by their first name. [17:57]: Prioritizing steps to disconnect from being the hub for employees, suppliers, and customers. [22:01]: The importance of finding the right people and a Mike Michalowicz upcoming book "All In: How Great Leaders Build Unstoppable Teams"KEY TAKEAWAYS:
Entrepreneurs are encouraged to declare a future four-week vacation and use it as a catalyst to make their businesses less dependent on them. This involves strategic planning to disconnect from being the central hub. The importance of prioritizing disconnection from being the hub for employees. Delegating tasks and responsibilities while ensuring employees take ownership can contribute to business value. Knowing customers by their first name may negatively impact business valuation. Encouraging strong employee-customer relationships and minimizing personal involvement can lead to a higher valuation.ABOUT THE HOSTS:
Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to âHOW TO IMPLEMENTâ workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.
Additionally, Danielle authored the book The Rapid Read⢠Guide to The 5-Star Employee Rating System⢠and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.
Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.
RESOURCES:
Danielle Mulvey - Website
Danielle Mulvey - Linkedin
The All In Company - Website
Profit First Nation - Website
Mike Michalowicz - Website
Mike Michalowicz - Linkedin
Mike Michalowicz - Twitter
Profit First Professionals - Website
Mike Michalowicz - Books
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A well-structured schedule is essential to achieve permanent profitability in your business.
In this episode, Danielle gives a picture-perfect, ideal schedule of successfully managing her time across her multiple companies, and her team members.
Once you have mastered the ideal schedule, she unveils eight sure-fire tips to enhance the Vitamin SEE within your organization. If you are still trying to figure out what Vitamin SEE entails, this podcast will help you seas the day and keeping your business on course to permanent profitability.
SHOW NOTES:
[00:21] Being a proactive, profitable entrepreneur and avoiding operating in reactive, itâs too late, mode [03:52] Creating the ideal schedule for your week, Danielle shows a sample schedule that works for her [13:53] Danielle describes Vitamin SEE and how it has helped the business of All In and how this is for 5-star employees [18:14] Rapid fire: Eight tips for solidifying the Vitamin SEE in your organization â a non-negotiable [23:43] Danielle encourages listeners to follow the eight tips outlined in this episode
KEY TAKEAWAYS:
A business owner will be more successful if they work intentionally from a schedule so one doesnât waste time. You should always tell employees you appreciate their accomplishments when they accomplish their goals. Donât allow anything or anyone to hijack your schedule. Your schedule is that critical.ABOUT THE HOSTS:
Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to âHOW TO IMPLEMENTâ workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.
Additionally, Danielle authored the book The Rapid Read⢠Guide to The 5-Star Employee Rating System⢠and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.
Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.
RESOURCES:
Danielle Mulvey - Website
Danielle Mulvey - Linkedin
The All In Company - Website
Profit First Nation - Website
Mike Michalowicz - Website
Mike Michalowicz - Linkedin
Mike Michalowicz - Twitter
Profit First Professionals - Website
Mike Michalowicz - Books
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Danielle delves into dissecting 10 misconceptions or fallacies surrounding Profit First.
This cash management strategy isn't intended to function autonomously; instead, it's meant to be applied meticulously, adhering to its principles.
Fragmented utilization is not its intended approach.
In this episode, Danielle outlines ten instances of business owners misapplying or misconstruing Profit First. Be sure to revisit this episode for a great âhow-toâ reference.
IN THIS EPISODE:
[00:17] Danielle outlines the ten myths or misunderstandings about Profit First. #1 What is the purpose of Profit First [03:34] #2 Slashing expenses to the bone [08:16] #3 Adjusting your allocations over time [11:33] #4 Treating Profit First as a one-size-fits-all system [14:12] #5 Neglecting taxes [16:37] #6 Misinterpreting the no-budget concept [18:09] #7 Donât rely totally on percentages [19:58] #8 Profit First is not a quick fix [22:44] #9 Confusing your accounts [25:13] #10 Ignoring behavioral change
KEY TAKEAWAYS:
A business without profit will not last. Profit First is a cash management system that keeps your cashflow on track. Profit First is not a set it and forget it system. You need to adjust your allocations at the start of each quarter and adjust as your real revenue increases to the next level of target allocations If you donât follow Profit First to the letter, you arenât doing Profit First right.ABOUT THE HOSTS:
Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to âHOW TO IMPLEMENTâ workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.
Additionally, Danielle authored the book The Rapid Read⢠Guide to The 5-Star Employee Rating System⢠and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.
Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.
RESOURCES:
Danielle Mulvey - Website
Danielle Mulvey - Linkedin
The All In Company - Website
Profit First Nation - Website
Mike Michalowicz - Website
Mike Michalowicz - Linkedin
Mike Michalowicz - Twitter
Profit First Professionals - Website
Mike Michalowicz - Books
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Danielle may hit a nerve or two in this episode when she highlights the RED FLAGS you cannot ignore when it comes to making 5-Star Employee Hires.
For most businesses, PAYROLL is your biggest expense and can be a significant drain on your profitability when you make a hiring mistake.
When your payroll is full of average, ho-hum, or worse employees â you need more labor at more expense to do the work that just one 5-Star Employee can accomplish.
Remember: If 5-Star Employees represent the top 15% of available talent â then statistically speaking, you will need to filter out 6 out of every 7 candidates to get that top 15% candidate.
You have to raise your RED FLAG alert level to max as you take candidates through your hiring gauntlet.
In this episode, Danielle lists multiple warning signs that HR professionals and business owners engaged in the hiring process should embrace.
Take notes to seeing and eliminating candidates based on critical candidate "RED FLAGS.â
IN THIS EPISODE:
[00:21] Danielle goes all in on hiring employees today [04:03] Red Flags- Working less than one year at multiple recent employers and exaggeration of duties and responsibilities [05:38] Red Flags- If their formal education is in an unrelated field from what you are looking for and their resume suggests a double employment history [07:05] Red Flags- Grammar and punctuation errors and specific fields and industries Danielle would never hire from [10:05] Fields and industries we want to hire from [13:21] Danielle shares case histories [20:19] Danielle compares part-time employees to children and gives more examples of red flags [24:08] Danielle gives a fast overview of today's episodeKEY TAKEAWAYS:
In todayâs market, working long-term in a company can be defined as working two years or more in the same company. There are industries you should avoid when looking to fill a position because they represent fields where there isnât urgency involved in their job. If a person canât correct errors in their resume, they are not the type of person you want to hire.ABOUT THE HOSTS:
Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to âHOW TO IMPLEMENTâ workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.
Additionally, Danielle authored the book The Rapid Read⢠Guide to The 5-Star Employee Rating System⢠and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.
Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.
RESOURCES:
Danielle Mulvey - Website
Danielle Mulvey - Linkedin
The All In Company - Website
Profit First Nation - Website
Mike Michalowicz - Website
Mike Michalowicz - Linkedin
Mike Michalowicz - Twitter
Profit First Professionals - Website
Mike Michalowicz - Books
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Mike Michalowicz shares the microphone with Danielle and responds to questions from listeners just like yourself. Listen in to understand his innovative, time-tested approaches to successfully managing a business in the zone of permanent profitability.
Furthermore, Mike delves into the importance of enlisting a Profit First-Certified Accountant, Bookkeeper or Coach.. Stay tuned until the end of this episode for an exciting announcement Mike will share.
IN THIS EPISODE:
[00:39] Question One. Should I add a retirement account to my hidden account, and how to set up a retirement account [05:40] Question Two. Can I make an exemption to Profit First [07:35] Question Three. What is the owner's pay? Is it the CEO's salary, and why is the allocation 50% [10:07] Question Four. Do shareholders of a business all get compensated the same [12:05] Question Five. Can you skip the profit and tax accounts at your primary bank and transfer from income to profit hold and tax hold at my inconvenient bank [15:06] Wild card questions for Mike regarding working with a Profit First Bookkeeper [20:49] Mike celebrates that Profit First is in 28 languages nowKEY TAKEAWAYS:
Over 50% of businesses donât last five years. Profit First Accountants and Coaches are in different towns than the client because they are industry-based, not location-based. To effectively implement the Profit First System, adhering to each step is crucial. If you find yourself making exceptions, you are not following the Profit First principles.ABOUT THE HOSTS:
Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to âHOW TO IMPLEMENTâ workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.
Additionally, Danielle authored the book The Rapid Read⢠Guide to The 5-Star Employee Rating System⢠and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.
Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into twenty-eight languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.
RESOURCES:
Danielle Mulvey - Website
Danielle Mulvey - Linkedin
The All In Company - Website
Profit First Nation - Website
Mike Michalowicz - Website
Mike Michalowicz - Linkedin
Mike Michalowicz - Twitter
Profit First Professionals - Website
Mike Michalowicz - Books
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Danielle delves into a comprehensive process comprising eight steps for transforming your service or product into a marketable offering.
These steps are universally applicable to a wide array of services or products. By implementing these steps in your business, you'll gain clarity and direction and, most importantly, establish a fresh source of revenue.
Through illustrative examples and explanations, she presents the information in an easily understandable way. Get ready to take notes, as this episode is a must-watch to ensure your business grows as it could.
IN THIS EPISODE:
[00:20] Danielle explains Productization and the eight steps to create a new revenue stream [03:49] Step One: Niche down by focusing on a specific audience in 5 different ways [09:20] Step Two: Find your TVR [11:31] Step Three: Defining your quarter-inch hole [12:20] Step Four: Branding is important [13:35] Step Five: List your ingredients [14:51] Step Six: Pre-empt objections [17:14] Step Seven: Pricing Danielle gives examples of pricing [23:15 Step Eight: Manufacture scarcity
KEY TAKEAWAYS:
Donât just pick a price out of the air for your service or product. Do research to explore what it is worth. Speed can be a factor in increasing your pricing. Pricing can also be done on a sliding scale. Donât be afraid to raise your prices. Creating excitement and scarcity creates profits.ABOUT THE HOSTS:
Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to âHOW TO IMPLEMENTâ workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.
Additionally, Danielle authored the book The Rapid Read⢠Guide to The 5-Star Employee Rating System⢠and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.
Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.
RESOURCES:
Danielle Mulvey - Website
Danielle Mulvey - Linkedin
The All In Company - Website
Profit First Nation - Website
Mike Michalowicz - Website
Mike Michalowicz - Linkedin
Mike Michalowicz - Twitter
Profit First Professionals - Website
Mike Michalowicz - Books
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In this episode, we dive into Renee Moore's Profit First journey at Canine Craze Performance Center. Discover how she revamped her business by restructuring classes, introducing a membership model, and doubling consulting fees.
Renee's story highlights the power of embracing change, pushing boundaries, and committing to Profit First principles for remarkable improvements in profitability and efficiency. Join us for an inspiring journey of transformation and growth.
IN THIS EPISODE:
[00:40] Introduction to Renee Moore, owner of Canine Craze Performance Center in Urbandale, Iowa, and creator of Dog Perfect and Puppy Perfect online training programs [01:42] -Renee shares her motivation for implementing Profit First, highlighting her struggles with managing cash flow in her business [06:38] - Transition to a credit union and how she optimized her automatic payments, saving money [11:17] - Positive effects of the Second Half Strong program, including increased productivity and strategic focus [18:22 ]- Results and Transformations; retooling her business model, offering memberships, and providing accelerated learning opportunities for clients [25:38 ]- Accelerated Learning: Renee emphasized the concept of accelerated learning, benefiting clients and improving profitability
KEY TAKEAWAYS:
Commitment to Change: Implementing Profit First requires a mindset shift and a commitment to breaking old financial habits. It's not just a technical change; it's a mental one. Streamline Expenses: Review and cut unnecessary expenses to improve profitability. Analyzing and reducing operational costs can have a significant impact on your bottom line. Embrace Change for Growth: Embrace change in your business model and offerings. Be open to exploring new ideas and pushing boundaries to foster growth and profitability.RESOURCES:
Danielle Mulvey - Website https://www.daniellemulvey.com/
Danielle Mulvey - Linkedin http://linkedin.com/in/danielle-mulvey-66a315
The All In Company - Website http://theallincompany.com
Profit First Nation - Website http://profitfirstnation.com
ABOUT THE GUEST:
Renee Moore has been professionally training dogs since graduating from Animal Behavior College in 2006. Since then she has exprience competing in obedience, training service dogs, handling and directing dogs that were filmed for PSA's (Public Service Announcements), leading group and private lessons, as well as, creating successful training programs, including Canine Craze's Train & Play "Private School Program" for dogs and her interactive âDog Perfectâ + âPuppy Perfectâ online training programs.
Reneeâs mission is to help people understand how to teach their dogs how to think and have fun during the learning process. A true innovator, Renees is always looking for new ways to help owners have the best relationship with their pets.
Linkedin: linkedin.com/in/renee-moore-2b212921
Website : caninecraze.com
ABOUT THE HOSTS:
Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to âHOW TO IMPLEMENTâ workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.
Additionally, Danielle authored the book The Rapid Read⢠Guide to The 5-Star Employee Rating System⢠and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.
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Billie Anne Grigg, the Chief Strategic Guide for Profit First Professionals and Danielle delve into cash flow and explore the role of AI in the context of bookkeeping.. Lastly, they shift their focus to the concept of a "piece of the pie." This seemingly unrelated notion is profoundly relevant to businesses. The discussion underscores how companies often diversify beyond their core focus when they should engage complementary business professionals to serve the client. Metaphorically, the pie can and should be shared by all.
IN THIS EPISODE:
[01:06] Why do we focus on cashflow projections with Profit First, and what is baseline selling [09:04] Working off the âprocessâ of the Profit First plan [11:54] Ai can be beneficial but will not replace bookkeepers and accountants [20:17] Doing what you do best and collaborating with business owners who can provide complementary services to yours [24:28] How to access resources on the Profit First Nation websiteKEY TAKEAWAYS:
You need to know your cash flow projection, but you also need Profit First. Itâs not an either-or; itâs both. There is truth in the saying, âgarbage in, garbage out.â So if you are using Ai, it must be set up correctly. However, Ai does not eliminate the need for an accountant or bookkeeper who can assess the financial situation. Trying to do every service for a client is a mistake. Stay with what you do well and find complementary businesses you can co-op with so everyone gets a piece of the pie.GUEST BIOGRAPHY: Billie Anne Grigg
Billie Anne has been a bookkeeper since before the turn of the century. She is a QuickBooks Online ProAdvisor, LivePlan Expert Advisor, FreshBooks Certified Partner and a Mastery Level Certified Profit First Professional. She is also a guide for the Profit First Professionals organization. In 2012, she started Pocket Protector Bookkeeping, a virtual bookkeeping and managerial accounting service for small businesses.
Billie Anne Grigg - Linkedin
Pocket Protector Bookkeeping - Website
ABOUT THE HOSTS:
Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to âHOW TO IMPLEMENTâ workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.
Additionally, Danielle authored the book The Rapid Read⢠Guide to The 5-Star Employee Rating System⢠and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.
RESOURCES:
Danielle Mulvey - Website
Danielle Mulvey - Linkedin
The All In Company - Website
Profit First Nation - Website
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Host Danielle Mulvey shares critical information on your bottom line! How do we increase profitability?
In one or both of two ways because the only two ways are to increase margin and / or decrease expenses.
Payroll often represents the largest expense in many businesses. Your average, ho-hum or worse employees who are collecting a paycheck and doing little to nothing to earn that paycheck are killing your profitability!!!
In this episode, Danielle outlines four reasons why some employees simply need to be shown the door. Furthermore, she streamlines your task by offering guidance on how to engaging with such staff when it is time to let them go..
Ensure you catch this content-rich episode for invaluable knowledge.
IN THIS EPISODE:
[01:20] Danielle reminds listeners payroll might be their largest line item [01:48] Danielle outlines the four reasons to let someone go [07:31] What is a âworking at-will state,â and do you need to document reasons for firing [11:47] How do you let someone go [14:30] Do you pay severance and you must know the requirements of your state [15:56] Performing the post-mortem [24:33] Statistics regarding hiring decisions and news about pre-ordering Mike's new book from Amazon
KEY TAKEAWAYS:
If several failed hires come from the same background, that is a red flag toward that school or set of circumstances. Always stand and have the employee stand when you let them go to expedite the departure. Practice makes perfect when it comes to interviewing and making a final selectionABOUT THE HOSTS:
Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to âHOW TO IMPLEMENTâ workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $50 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.
Additionally, Danielle authored the book The Rapid Read⢠Guide to The 5-Star Employee Rating System⢠and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.
Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.
RESOURCES:
Danielle Mulvey - Website
Danielle Mulvey - Linkedin
The All In Company - Website
Profit First Nation - Website
Mike Michalowicz - Website
Mike Michalowicz - Linkedin
Mike Michalowicz - Twitter
Profit First Professionals - Website
Mike Michalowicz - Books
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Danielle and Cyndi Thomason, an expert certified in Profit First at the mastery level and the author of Profit First for E-commerce Sellers, explore the critical role of inventory in determining the success of your business. Cyndi shares valuable techniques for managing inventory levels and emphasizes the importance of maintaining distinct accounts. They will also investigate the advertising budget, highlighting the recommended percentage allocation for this aspect. This episode offers valuable insights and practical advice for ensuring the profitability of your business.
IN THIS EPISODE:
[01:27] Cyndi talks about why inventory can be a serious pitfall for a business, why you need an inventory account [08:51] Looking at each product you sell to determine how to price [11:39] Cyndi shares the importance of inventory days and getting creative to move stale inventory [15:39] She explains why inventory cash flow is different from your operating expenses and the part advertising can play if not managed well [19:27] Pay attention to the return on their advertising spend and how to figure the percentage you should spend [26:45] Cyndi shares the downfall of integrating your accounting system with your inventory
KEY TAKEAWAYS:
The key to operating a business where inventory is involved is to allocate funds so you donât have to borrow money to buy stock. Sales are lost when you run out of inventory. Good record-keeping through accounts prevents that from happening. Be very careful of how much you spend on advertising. It is an expense that can quickly get out of hand.GUEST BIOGRAPHY:
Cyndi Thomason, author of Profit First for Ecommerce Sellers, is a Certified Master Profit First Professional, and the founder and president of bookskeep, a virtual company that provides bookkeeping and Profit First consulting services to ecommerce clients all over the world. Cyndi devotes much of her time speaking at various events such as ASD Market Week, ProfitCon, Marketplace Brand Accelerator Training, the Ecommerce Business School and other webinars, teaching ecommerce businesses how to implement the Profit First method. She has contributed to publications such as Skip McGrath s Online Seller s Resource and is a regular contributor to The Private Label Insider and the Inventory Lab newsletter. Honors and awards include Profit First Member of the Year 2016, Profit First Go-Giver 2017, and one of the Top 50 Women in Accounting Award 2018, presented by Practice Ignition. Cyndi is a master gardener and enjoys being surrounded by nature, spending time with family, friends and a menagerie of fur babies.
Bookskeep -Website https://www.bookskeep.com/
Cyndi Thomason - Website https://www.bookskeep.com/about/cyndi-thomason/
ABOUT THE HOSTS:
Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to âHOW TO IMPLEMENTâ workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.
Additionally, Danielle authored the book The Rapid Read⢠Guide to The 5-Star Employee Rating System⢠and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.
Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.
RESOURCES:
Danielle Mulvey - Website https://www.daniellemulvey.com/
Danielle Mulvey - Linkedin http://linkedin.com/in/danielle-mulvey-66a315
The All In Company - Website http://theallincompany.com
Profit First Nation - Website http://profitfirstnation.com
Mike Michalowicz - Website
Mike Michalowicz - Linkedin
Mike Michalowicz - Twitter
Profit First Professionals - Website
Mike Michalowicz - Books
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